Barratt and British Land JV to acquire city site (UK)

Barratt Developments has announced that it had exchanged conditional contracts to purchase a 2 acre edge-of-City site at 1 & 2 Aldgate Place, London E1, from Tishman Speyer.

The site, which is being acquired in a 50:50 JV between Barratt Developments and British Land, is situated adjacent to Aldgate East underground station and currently has planning consent for 850,000 ft² (approx. 79,000 m²) of offices. The purchase is conditional on securing a revised planning consent for a residential-led mixed-use development.

Alastair Baird, Regional Managing Director, Barratt London said: "We are delighted to have secured this prime edge of City site which builds on our commitment to deliver high quality developments throughout Central London. It consolidates our presence in the exciting Aldgate area alongside our 27-story Altitude development on Alie Street which has already sold 20 units after its recent launch. This is our third major JV in London following the 235 unit Alie Street and 375 unit Queenstown Road agreements with London and Quadrant."

Julian Stocks, Managing Director UK, Tishman Speyer said: "This location is perfect for a residential scheme and we are delighted to have agreed a conditional sale. Our focus remains on building our office portfolio in London following the recent acquisition in January of Eland House, Victoria".

Nigel Webb, Head of Development, British Land commented: "We are pleased to have exchanged a conditional agreement to purchase this highly attractive site on the edge of the City. We believe our combined skills in delivering large-scale mixed-use schemes will enable us to unlock significant value from the site."

Source: Barratt Developments

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